Media reports India wanting to diversify non-US trade
(MENAFN) India is set to enhance its export footprint in 50 countries to offset the impact of rising US tariffs, according to local media citing government sources. The initiative targets nations that account for roughly 90% of India’s total exports, as reported by the Times of India.
The strategy focuses on strengthening trade ties with new markets, particularly in the Middle East and Africa, as highlighted by CNBC TV18. The plan will be product-specific and guided by three key goals: diversifying export markets, replacing imports with domestic products, and boosting overall export competitiveness. This approach aims to reduce reliance on a single market and mitigate risks from trade disruptions.
The push comes amid concerns over slowing global demand and the implications of recent US tariff measures. Last week, the White House imposed an additional 25% tariff on Indian imports, raising the total tariff exposure to 50%, citing India’s ongoing purchases of Russian oil.
The Middle East is seen as a potential growth market for Indian engineering goods, gems, and jewelry, while Africa offers opportunities for pharmaceuticals, auto components, and agricultural products. In June, Indian merchandise exports held steady at $35 billion, despite global economic uncertainties.
Prime Minister Narendra Modi is expected to visit the US in September for the 80th UN General Assembly session, where President Trump will also address the assembly.
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